* Fed to release minutes at 2:00 p.m. ET
* Dollar slips a day after hitting 14-year high
* Tesla down after posting a drop in quarterly deliveries
* Futures up: Dow 43 pts, S&P 5.75 pts, Nasdaq 10.75 pts
(Adds details, comments, updates prices)
By Yashaswini Swamynathan
Jan 4 Wall Street looked set for a second day of
gains on Wednesday as oil prices edged up slightly, and
investors awaited the minutes of Federal Reserve's December
meeting in which it raised interest rates.
The Fed cited strength in the labor market and a slight
uptick in inflation among reasons for its move. Investors will
pore over the minutes to assess policymakers' view on the
The minutes of the Dec. 13-14 meeting are expected at 2:00
p.m. ET (1900 GMT).
With just over two weeks left before President-elect Donald
Trump takes office, investors are waiting for the finer details
of his proposed policies such as tax cuts and higher fiscal
Some analysts have warned of a potential correction in a
post-election rally, which has helped the Dow Jones Industrial
Average to come within a hair's breadth of 20,000.
"I think the market has gotten ahead of itself and is
probably primed to give something back," said Robert Pavlik,
chief market strategist at Boston Private Wealth.
"When it could happen and how long it lasts depends on the
new administration's ability to pass some of the initiatives
that they pushed for during the election."
The S&P 500 is trading at 17.5 times forward 12-month
earnings, well above the 10-year median of 14.7 times, according
to Thomson Reuters data.
Dow e-minis were up 43 points, or 0.22 percent at
8:26 a.m. ET (1326 GMT), with 16,031 contracts changing hands.
S&P 500 e-minis were up 5.75 points, or 0.26 percent,
with 106,101 contracts traded. Nasdaq 100 e-minis were up
10.75 points, or 0.22 percent, on volume of 12,897 contracts.
Automakers will report U.S. sales for December and the full
year. Encouraging data could push the Dow to the elusive 20,000
mark. The Dow closed at 19,881.76 on Tuesday.
Wall Street ended the first trading of the new year with
sharp gains as increases in technology stocks helped offset a
decline in oil prices.
Oil, which hit an 18-month high on Tuesday before reversing
course due to a strong dollar, was up marginally at $55.67 on
The dollar fell to profit-taking and was down 0.27 percent,
a day after its index rose to a 14-year high.
Tesla shares fell 1.2 percent to $214.50 premarket
after the electric carmaker reported a 9.4 percent decline in
Agile Therapeutics lost 64 percent of its value in
heavy trading and is set to open at a record low after the
company provided an update on its contraceptive patch trial.
Depomed soared 12.5 percent to $22.89 after the NY
Post reported that KKR & Co was still interested in buying the
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by